Photo via @RepKatiePorter/Twitter
March 10, 2021, 3:15 pm
Representative Katie Porter of California continued to build her reputation as a woman who does not put up with nonsense from anybody by interrupting an oil executive who tried to lie to her face. Strata Production Co. president Mark Murphy attempted to tell her that she held a “misconception” about the oil and gas industry benefitting from special tax rules.
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“There seems to be a misconception out there that you’re operating from that somehow the oil and gas industry have benefits from some special sort of tax structure,” said Murphy. “We don’t.
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This is, of course, an outrageously false statement to make considering the widely-known fact that companies such as Murphy’s get billions in tax breaks from the U.S. alone every year. Porter was quick to put the oil tycoon in his place and backed up her statement by threatening to work to eliminate these benefits to make him correct.
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“You do benefit from special rules,” she said. “There’s a special tax rule for intangible drilling costs that does not apply to other kinds of expenses that businesses have. You get to deduct 70% of your costs immediately, and other businesses have to amortize their expenses over their entire profit stream.”
Murphy attempted to interrupt Porter at this point, but she was having none of it.
“So please don’t patronize me by telling me that the oil and gas industry doesn’t have any special tax provisions. Because if you would like that to be the rule, I would be happy to have Congress deliver.”
In addition to the intangible drilling tax deduction, the industry also gets a 100 percent deduction on their tangible drilling costs and a 15 percent exemption on their gross income thanks to the 1990 Tax Act. All this is according to FINTECH crowdfunding company EnergyFunders while trying to cater to oil barons like Murphy. And that’s just the top three special tax breaks that these kinds of corporations enjoy.
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People who are pretty tired of fossil fuel companies wrecking the global climate, causing ice storms in Texas and unknowable future weather horrors, have nothing but praise for Rep. Porter today.
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Serial killer Katie Porter committed another act of murder today, and again it was captured on film.
https://t.co/JDw0JxIi4b
— Fernand R. Amandi (@AmandiOnAir) March 9, 2021
Big Oil got the Katie Porter Whiteboard treatment without her even taking the cap off of her dry erase marker
#queen https://t.co/5iJEecl7ot
— Tara Dublin Is Still Waiting For Her Big Break (@taradublinrocks) March 9, 2021
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We are all lucky to be alive at the same time as Rep. Katie Porter
— Jake Lobin (@JakeLobin) March 10, 2021
*First Published: March 10, 2021, 3:15 pm
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